FXStreet (Córdoba) - USD/JPY managed to recover ground on Monday, following five days of losses, although the upside remained capped by the 120.60 zone, confining the pair to a consolidation phase amid low liquidity. Earlier on the day, data showed Japan’s industrial production fell 1.0% in November, missing expectations of a 0.6% decline, while a separate report showed that retail sales dropped by an annual rate of 1.0%. USD/JPY climbed more than half a cent from a low of 121.10 to a high of 120.62, but pulled back to trade at mid-range. At time of writing, USD/JPY is trading at 120.40, still % above its opening price. In the absence of fundamental drivers and with no first-tier data scheduled, majors are expected to track sentiment in equities markets. USD/JPY key levels In terms of technical levels, next supports are seen at 120.10 (Dec 28 low), 119.60 (Oct 22 low) and 119.40 (Oct 20 low). On the other hand, resistances could be faced at 120.62 (Dec 28 high), 120.97/121.00 (Dec 24 high/psychological level) and 121.35 (100-day SMA). For more information, read our latest forex news.